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Niraj Cement Structurals Ltd (NIRAJ)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532986 NSE: NIRAJ Engineering - Construction | Small Cap | Niraj Cement Struct. Share Price

₹27.11 -0.65 (-2.34%)

As on 11-Sep'26 16:59

Niraj Cement Structurals Ltd (NIRAJ)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532986 NSE: NIRAJ Engineering - Construction | Small Cap | Niraj Cement Struct. Share Price

₹27.11 -0.65 (-2.34%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹162 Cr.
Current Price
₹27.1
52-Week Low / High
₹21 / 52
TTM EPS
₹4
TTM Sales
₹552 Cr.
Book Value per Share
₹45.1
P/E Ratio
6.83
Lower than its 5-year historical median
Industry PE
24.5
Price to Book (P/B)
0.60
Lower than its 5-year historical median
Price to Sales (P/S)
0.29
Lower than its 5-year historical median
EV/EBITDA
5.12
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
7.62%
Underperforms industry median
Return on Capital Employed (ROCE)
10.11%
Underperforms industry median
Return on Assets (ROA)
4.71%
Operating Profit Margin
3.2%
Net Profit Margin
2.97%
Gross Profit Margin
4.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
7.76%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.44%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
55.14%
Asset Quality
Promoter Holding
24.89%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹210 Cr.
Equity
₹59.7 Cr.
Face Value
₹10
All Time Low / High
₹4.16 / 239.60

Niraj Cement Structurals stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Weak
Q.1 Is Niraj Cement Structurals Ltd a good quality company?
Niraj Cement Structurals Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Niraj Cement Structurals Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Niraj Cement Structurals Ltd vs industry peers?
Niraj Cement Structurals Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.00%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Niraj Cement Structurals Ltd?
Promoters hold 24.89% of the Niraj Cement Structurals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Niraj Cement Structurals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.6% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Niraj Cement Structurals Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 1.6%0.9%2%0.7%1.2%1.1%1.7%3.5%7.8%10.2%-
Value Creation
Index
-0.9-0.9-0.9-1.0-0.9-0.9-0.9-0.8-0.4-0.3-

Growth Parameters

Sales 106108108109124175356605470507550
Sales YoY Gr.-1.8%-0.3%1.5%13.1%41.4%103.9%69.8%-22.3%7.8%-
Adj EPS 0.60.40.6-3.11.40.51.41.842.64.1
YoY Gr.--29.5%46.5%-593.7%NA-65%177.6%31.6%121.8%-33.5%-
BVPS (₹) 127.6118.998.482.383.243.34443.93840.845.4
Adj Net
Profit
0.70.50.9-5.82.625.47.215.915.725
Cash Flow from Ops. -8.1-59.1509.1-18-5.238.6-30.528-82.9-
Debt/CF from Ops. -13.1-2.21.12.3-1.1-5.90.4-0.90-0-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 19%32.6%12.4%7.8%
Adj EPS 17.7%13.5%24.7%-33.5%
BVPS-11.9%-13.3%-2.4%7.3%
Share Price 8.6% -9% -10.9% -44.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
0.50.40.6-3.71.61.13.14.19.77.99.5
Op. Profit
Mgn %
42.4-1.61.43.80.51.41.53.53.24
Net Profit
Mgn %
0.60.50.9-5.32.11.11.51.23.43.14.5
Debt to
Equity
0.810.40.10.10.20.10.200-
Working Cap
Days
877989947729603475256158185190107
Cash Conv.
Cycle
1423184042711611116035422958

Valuation of Niraj Cement Struct. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales175356606471507
Operating Expenses + 174351597455491
Manufacturing Costs169343578444483
Material Costs129-1-3
Employee Cost 11122
Other Costs 3591011
Operating Profit 1591616
Operating Profit Margin (%) 0.5%1.4%1.5%3.4%3.1%
Other Income + 44487
Exceptional Items -1-4-5-9-0
Interest 00000
Depreciation 11122
Profit Before Tax 2371320
Tax 11235
Profit After Tax 1241015
PAT Margin (%) 0.8%0.7%0.7%2.1%3.0%
Adjusted EPS (₹)0.40.61.12.42.5
Dividend Payout Ratio (%)0%0%0%0%0%
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 177179177152243
Share Capital 4343404060
Reserves 134136136112184
Debt +2692612
Long Term Debt105012
Short Term Debt1642600
Minority Interest00000
Trade Payables830391936
Others Liabilities 66937484103
Total Liabilities 277312315256385

Fixed Assets

Net Fixed Assets +1087911
Gross Block3232323539
Accumulated Depreciation2223242628
CWIP 00001
Investments 1414141523
Inventories76367
Trade Receivables66781025769
Cash Equivalents 637232341
Others Assets 175170165145233
Total Assets 277312315256385
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -539-3027-73
PBT 2371320
Adjustment -0-1-0-34-32
Changes in Working Capital -637-3751-56
Tax Paid -1-10-3-5
Cash Flow From Investing Activity + -9-1115-5-19
Capex -0-0-0-4-4
Net Investments -14-0-0-1-8
Others 5-1115-0-7
Cash Flow From Financing Activity + 9-175-26105
Net Proceeds from Shares 34000104
Net Proceeds from Borrowing -4-5-500
Interest Paid -0-0-0-0-0
Dividend Paid 00000
Others -21-1211-251
Net Cash Flow -510-10-413
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)0.761.392.455.917.62
ROCE (%)1.061.673.697.4810.11
Asset Turnover Ratio0.631.211.931.651.58
PAT to CFO Conversion(x)-519.5-7.52.7-4.87
Working Capital Days
Receivable Days138.1073.6054.1061.7045.40
Inventory Days13.606.202.503.504.80
Payable Days2,5222,931.201,336.300-2,886.90

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Niraj Cement Structurals Ltd FAQs

The current trading price of Niraj Cement Struct. on 11-Sep-2026 16:59 is ₹27.11.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Niraj Cement Struct. stood at ₹161.8 Cr

The latest P/E ratio of Niraj Cement Struct. as of 10-Sep-2026 is 6.59.

The latest P/B ratio of Niraj Cement Struct. as of 10-Sep-2026 is 0.60.

The 52-week high of Niraj Cement Struct. is ₹51.90 and the 52-week low is ₹20.59.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Niraj Cement Struct. is ₹550 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Niraj Cement Structurals Ltd is a below average quality company.

The key valuation ratios of Niraj Cement Structurals Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Niraj Cement Structurals Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Niraj Cement Structurals Ltd

Niraj Cement Structurals was originally incorporated in India as Niraj Cement Structurals Private Limited on April 1, 1998 under the Companies Act, 1956 and was converted to Public Limited Company with effect from January 12, 2006.

The promoters the NCSL has more than 3 decades of experience in construction industry. NCS has grown from a modest pre-casting outfit in 1970s to a modern, state-of-the-art civil construction company specializing in the timely execution of complex projects in the areas of roads, flyovers, pedestrian subways, airport runways, dams, spillways, etc.NCSL started its foray into civil engineering in the year 1998.

It is an engineering and construction company focusing on road construction development. We were incorporated on April 1, 1998 as a private company. We took over the business of Niraj Cement Structurals (partnership firm) in December 1999, which was engaged in cement structural business since 1987. the company is engaged in construction of road projects through sub contracting. We are headquartered in Mumbai and have capability to execute various road construction projects.

Its present areas of operations are sub-contracting including providing EPC services. It has a fleet of construction equipment all of which it own directly or through its joint ventures.

The company enters into sub-contracting assignments primarily through a competitive bidding process. It aims to establish its direct presence over a period of time. As the project sizes are expanding it team with major contractors to meet specific eligibility requirements for certain larger projects, including requirements relating to particular types of experience and financial resources, it also enter into project-specific joint ventures with other construction companies at times as minor partners and EPC sub-contractor.

With success in the field as a major quality player, the Company diversified into other related activities of infrastructure development, building roads, airport upgradation, ready mix concrete and others. With a view to achieve quality and quantity output, the company decided to possess and own modern machineries.

As on date the Company owns Slipform Paver of Gomaco USA, Slipform Paver suitable for paving upto 16 mets of Gunteret & Zimmerman of USA. Transit Mixers of BNK Italy , Taurus Tippers with HYVA (Holland) hydraulic arrangements, Crusher 130M3/H Puzzolana, Batching Plant of 160 cum/hr of Simem Italy, Dry Lean concrete (DLC) paver of Ingersoll Rand, Switzerland make, Motor graders of Volvo, Earthmoving machineries of L&T Komatsu, Volvo, Escorts and many other machineries required for Construction and Infrastructure Projects for qualitative and quantitative output. All the equipments are with computerized operation and maintenance.

Projects Completed

  • Worli Bandra Sea Link Package-III Construction of solid approach road from end of improved Mahim flyover upto start of toll plaza area on Bandra side.
  • Construction of Apron Flooring in connection with Construction of Air India Hanger Project, Mumbai
  • Construction of Dry Lean Concrete & Pavement Quality with Slip Form Paver at Part Kon to Kalamboli
  • Replacement of existing concrete pavement (apron) panels in front of Air India Hanger No. 1 & 2 at Old Airport, ‘S’ Cruz (E), Mumbai - 29
  • Construction of New Fire Station at Mumbai Airport Mumbai, SH Rigid Pavement
  • Execution of Track linking works in between Tomka-Keonjhar on E.C. Railway

Projects In Hand

  • Widening to 4/6 lanes and strengthening of existing 2 lane carriageway of NH-60 in the state of Orissa from 31.000 Km. t0 53.410 Km. Contract Package IV
  • Widening and construction of LBS Marg from Sion to Kanjurmarg (Km 0.00 to 11.156)
  • Widening and construction of LBS Marg from Kanjurmarg to Mulund Check Naka  (Km 11.156 to Km. 18.831)
  • Dam & Spilway under Tuirial Hydro Electric Power Station Project Mizoram, Lot – II
  • Strengthening and Extension of Container Yard at NMPT With Paver   Blocks
  • Providing Heavy Duty Pavement behind Berth No.5 to Berth No.7
  • Providing works as a backup requirement to the Deep Draft Multipurpose Berth at NMPT
  • Providing Paver Block Pavement at Main Gate, KK Gate and Seamen’s Circle Junction in the Wharf Area
  • Improvement such as providing two lanes rigid pavement carriageway with paved shoulders of 1.5m on both sides with reconstruction / rehabilitation / widening of CD works to Cuttack – Paradeep road (SH-12) from 0/000 to 43/000 Km
  • Improvement such as providing two lanes rigid pavement carriageway with paved shoulders of 1.5m on both sides with reconstruction / rehabilitation / widening of CD works to Cuttack – Paradeep road (SH-12) from 43/000 to 82/000 Km

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